ABBYY, a global provider of content intelligence solutions and services, recently announced the launch of ABBYY Text Analytics for Contracts, a managed service that automatically discovers insights from contracts and leases to speed up risk mitigation, obligation analysis, and content migration.
With Text Analytics for Contracts, businesses can leverage the entire ABBYY technology portfolio to accelerate time-to-value and successfully implement their contract lifecycle management, robotic process automation, and digital transformation strategies.
ABBYY’s human-like understanding of contracts enables users to speed-read documents by pinpointing sections, clauses and facts for systems of records or other business processes to drive contextually informed, accelerated decision-making. The service is well suited for large and medium-sized enterprises, large-scale system integrators and independent software vendors who need to automatically leverage the intelligence embedded within sectioned documents including contracts, leases, regulatory filings and more, to augment business decision-making processes and ensure compliance with emerging regulations such as GDPR and ASC606.
“Text Analytics for Contracts empowers businesses to reduce time-to-content, automate time-to-decision and accelerate their time-to-compliance. It simplifies the use of semantic and AI technologies to automatically identify intelligence within contracts and streamlines analysis to dramatically reduce turnaround time,” said Bruce Orcutt, head of product marketing at ABBYY.
The service’s modular, extensible and scalable cloud-based architecture allows contract processing as well as discovery, review and analysis workflows to be easily customized—all with zero infrastructure footprint. Micro-service based workflows provide users with a highly flexible environment to perform section, obligation and compliance analysis, drawing on products and technologies from ABBYY’s portfolio of AI, NLP, recognition, and information capture technologies, as well as third-party products and services.
Text Analytics for Contracts enables clients to run teams across multiple time zones, 24/7, using multi-tier review and analysis workflows. ABBYY service personnel simplify customer engagement by taking responsibility for configuration, staging and processing of documents, to accelerate the delivery of contract-based intelligence to client personnel.
The granular level of insight is achieved using ABBYY’s comprehensive NLP technology, which combines syntax, semantics, pragmatics and machine learning to identify sections, target specified entities and understand complex structures. It provides the high level of accuracy and customization needed by attorneys dealing with complex contracts during negotiations or mergers and acquisitions, and compliance and security professionals when dealing with risk. The advanced technical capabilities are accessed through simple, intuitive interfaces that require minimal training and provide an effortless user experience.